Stocks are moving higher at the end of the week, albeit amid palpably cautious trading.
Echoing other traders on Friday, Michael Hewson at CMC Markets UK said: "European markets had a disappointing session yesterday, while US markets rallied modestly before giving up a good chunk of those gains heading into the close."

"That we haven't seen any sort of follow through from last week's gains should be a bit of a worry and probably speaks to a wider concern that the current down move in stocks may not be quite over."

Strategists at Bank of America-Merrill Lynch were of a roughly similar view, pointing out that the previous week's $13.2bn of inflows into equities, reflecting a higher growth/higher rates backdrop, had not been reflected in other flows.

"[...] inflows to deflationary winners of tech, investment grade bonds, emerging market bonds/equities continues.

"Recent 5 months of lower US dollar & higher US bond yields rare (

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